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The Definitive Guide to Influencer Marketing for eCommerce Stores

Tag: ecommerce

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The-Definitive-Guide-to-Influencer-Marketing-for-eCommerce-Stores

Influencer marketing is a relatively new concept in Ecommerce. However, it has gained widespread popularity in a short period of time. It has also emerged as one of the most efficient methods of marketing. A number of surveys have pointed out that more and more people are affected by the messages conveyed by social influencer. In order to increase the scope of your business, it is important that you are conversant with the various nuances of influencer marketing. So here are some tips which can help you bring the best out of your collaborators.

What is an Influencer: It is important to know what an influencer is and how influencer marketing works.  Generally, the concept of influencer marketing is confused with celebrity marketing, but both are drastically different approaches. Influencers generally have much smaller following but have more intimate contact with their base. Influencers also have very specialized following as they generally promote very specific areas of interests. With influencer marketing, you can target your market in a very granulated manner. The conversion rate for influencer marketing is also higher than most other forms of marketing due to this reason.

Know Your Market: like with any other marketing tool, even influencer marketing’s success depends on how well you know your market. In order to design a powerful campaign, it is important to be aware of unique features of your target market. Further, you should also know your market well enough to segregate that into smaller units with varied features. Such micro segregation is important to personalize your marketing campaign. Markets may be defined on different basis such as income, age or education level. Such study of the market allows you to design your campaign in a more personalized manner.

Identify the Influencer: once you have identified the discerning features of your target market, you can prepare the shortlist of the influencers in the segment. There are several criterion which can help you identify the influencers which are best suited for your product. In order to create maximum impact, you should try to steer clear of influencers who are already engaged with a large number of products. In such a case, it is highly likely that your product message will be highly diluted. There are several tools available which can provide you with the list of influencers working in your area. It is also important to look at the composition of their followers so as to ensure that your marketing efforts are targeted towards the right kind of people.

Differentiate the Influencers: influencers come in all shapes and sizes. To reap the most benefits it is essential that you differentiate between different types of influencers and choose the right ones fit for your requirements. It is important that your influencer has sizable following, otherwise your marketing efforts will not be cost optimized. Further, you should also look at type and level of engagement provided. Your influencer should be regular in providing updates to their fan following so that your messages reach their target audience in a prompt manner. It should be noted that while influencers have smaller following than celebrities they are able to provide more personal touch to your brand and products.

Craft your Influencer Message: you should closely work with your influencer to create the most compelling message for your campaign. First off, the endorsement should come from the influencer as it contains most genuine impression. Such endorsements are more personal in nature and thus are easily differentiated from mass promotion on products. Once they have prepared their own endorsement, you can work together to make the message more effective. Some of the main techniques to do so are to incorporate the links to your page and to offer special discounts. However, the task is not done once the message is disseminated, you can further increase the potential by sharing such messages on your own platform as well.

Influencer marketing is amongst the most promising upcoming marketing techniques. It is important that you measure your output and evaluate it accordingly. This step will let you identify your star performers. In the case of others, constant evaluation will let you find out the weak spots and address them.

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How-to-Prepare-Your-Ecommerce-Business-for-a-Post-COVID-World

It does not come as a surprise that the COVID-19 outbreak has dramatically changed the way online businesses carry out their operations. After all, consumer behavior and buying patterns have altered to suit the effects of the pandemic. So, ecommerce businesses have had to adapt themselves quickly in order to accommodate the changes and to arrest the spread of the virus by implementing safe delivery rules.In order to ensure that your business is in a position to sustain itself and grow in the post-COVID era, here are some handy tips to guide you:

Be Proactive: There have been rapid changes in the business environment on account of the pandemic, as more people have taken to online shopping and focusing on essentials. So, it is important that you take a proactive approach to change your ecommerce business plan and practices, to remain efficient. You need to carry out proper analysis to understand the impact of the outbreak on the demand and supply pattern of your products and services. It is important that you take a 360 degree view of the business operations and pay equal attention to various facets, including supply chain. Therefore, you should be aware of all the changes in your market segment. It is important that you communicate these changes to your teams as well, so that they can modify their procedures.

Invest in Digital Marketing: Wondering how to improve ecommerce business opportunities?Forward-thinking businesses have used the lockdown period to promote their products and services online. They have used the downtime to ensure that their digital marketing strategies work overtime to help their ventures grow. Some best practices include focusing on providing robust digital experience to the customers. Some of the factors which contribute towards such experience are fast loading time for your website, a streamlined ordering process, and smooth online payment options. Furthermore, many companies have also invested in building a robust client base online for generating bump-free revenues in the future.

Diversify: The corona-virus outbreak has also highlighted the need to diversify business practices. When conventional supply chains broke down, many businesses turned to more creative solutions. Instead of relying upon their traditional suppliers, they struck up deals with local suppliers. Similarly, the need to diversify the customer base cannot be ignored too. This means, you have to conduct fresh market research, understand your customer segments better and find out what different buyers want. The pandemic has taught businesses to ensure that they diversify enough to prosper in different circumstances. Such diversification will allow them to use alternatives when their usual processes breakdown.

Review & Analyze: The pandemic and the aftermath have forced many businesses to analyze their business practices closely. While some businesses had to adapt themselves to losses in their sales volumes, other businesses needed to revamp themselves to meet soaring demand. Generally, the latter situation prevailed in sectors which are critical for our day to day lives. However, irrespective of the impact of COVID-19 on their operations, all businesses need to change themselves for the post-COVID world. The lockdown time should be used for reviewing your marketing practices, for analyzing your supply chain, or for tweaking your digital promotion strategies. The main idea is to let your business become dynamic enough for different circumstances.

Embrace Technology: TheCOVID-19 outbreak has clearly shown the importance of technology for businesses. Digital communication has become more necessary than ever, whether you want to educate your customers about safety and hygiene rules, promote essential products, or explain how you are doing your bit to help the society cope with the pandemic. Moreover, businesses are also working on their payment solutions and shifting to online payment modes. Hence, it is important to choose an ecommerce payment gateway that is safe, efficient and supports multiple currencies too. The use of technology can also ensure that businesses are able to remain in touch with their customer base and actually work on enhancing their online presence. The use of tools such as Enterprise Resource Planning platform will further enhance the efficiency of their operations.

To conclude, COVID-19 has had a profound impact on the ways in which ecommerce businesses are functioning. However, by following the above tips, your organization can thrive and become successful during these uncertain times.

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Tips-to-Prevent-Ecommerce-Fraud-during-the-COVID-19-Pandemic

COVID-19 has not only changed the way we define a normal life, but also impacted the ecommerce industry massively. Online businesses have had to change many of their usual practices to survive during these challenging times. Moreover, even the customers had to change the way they shop and the way they transact online. However, these rapid changes come with the increased risk of online frauds. Fraudulent activities like spamming, phishing and stealing of identity can be damaging to both businesses and to the shoppers. In order to safeguard your business and your customers against such cyber attacks, here are some tips for enhanced security.

  1. Beware of Trends: The most challenging aspect of online frauds is their versatility. These frauds may take place in a variety of ways, through stealing of password or the use of Trojan virus. In order to safeguard your business and your business associates, it is important that you are aware of the latest types of frauds perpetrated. Some of the most common online scams during the current crisis are retail arbitrage, reselling and account takeover. It is important to be aware of these trends so that you are not caught off-guard. It is equally vital that you spread this information among your associates, as the pandemic outbreak has made everyone more susceptible to scams and frauds.
  2. Choose the Right Payment Gateway: As more and more people are relying upon ecommerce businesses for fulfilling their requirements, there has been an unprecedented increase in online payments. In such cases, it is important for online businesses to choose reliable payment processing service providers. If your payment provider has a solid track record, you can minimize the possibility of online frauds for your own business and your associates. High quality payment processors use state of the art technologies to protect their systems against any cyber attacks. They also tweak their processes in line with the latest attack trends. This will also ensure that your system does not break down under the pressure of increased payments and transactions.
  3. Disseminate Information: As important as it is to be aware of different online scams, it is equally necessary to keep your employees and associates fully informed as well. You can conduct seminars or workshops to keep your employees updated about such scams. You can also send newsletters or pamphlets to your clients about various precautions they can take to minimize the possibility of online frauds. This exercise may help you in creating a positive rapport with your client base as well. You can enhance your goodwill while bonding with your clients and ensuring their safety at the same time. You may also apprise them of critical points to watch out for.
  4. Be Proactive: During these difficult times, it pays to be proactive. While you should keep your tools and programs updated, you should also remain aware of any uncommon or strange transactions and incidents. For example, you should carry out an extensive check if you notice a new account making significant transactions. In case of an old account making unusual purchases, it would be prudent to cross-verify the details. Such vigilance can not only save your business but may also provide extra security to your customers. Similarly, you should ask your associates to remain vigilant about any red flags.
  5. Use Common Sense: It’s true that almost all businesses are facing hard times due to the COVID outbreak. However, common sense should still prevail. So, remain as watchful as you would be during normal times, and exercise the same type of caution, if not more. Encourage your customers to change passwords regularly and make sure they are as complex as possible. Do not click on any suspicious link and never ever reveal your own passwords to anyone. You should also remain in close contact with your clients so that they know the real time status of their transactions. Such monitoring will help in reducing the possibility of any frauds or scams.

Like any uncertain or chaotic situation, the current pandemic has many hackers and spammers to become more active than usual. But by following these simple tips, you can keep your business safe and secure.

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Top-3-Payment-Related-Reasons-for-Abandoned-Carts

One of the biggest challenges faced by e-commerce businesses is the issue of abandoned carts. Potential customers who take time to browse through your offerings, add them to their carts and then simply leave their shopping when it comes to the final stage. In order to ensure that your business enjoys a healthy conversion rate, it is important to pay proper attention to the issue of abandoned carts. The abandonment of the cart can happen at any stage of online shopping; therefore, it is important to look into the reasons so as to take proper corrective actions:

  1. Tedious Checkout Process: Complicated checkout process is one of the most prominent reasons why customers leave their carts behind. If your checkout process involves filling out a number of forms, adding payment details and such other issues then it is highly likely that the customers will prefer to just abandon the entire process and go elsewhere. You can solve some of these issues by adapting policies such as allowing guest checkouts. This option lets the customers proceed with their purchases without actually enrolling with the websites. When their transaction culminates smoothly, it is highly likely that such customers will come back and register with your website eventually.
  2. Unexpected Costs: If you have hidden costs which are revealed at the checkout stage, then your customers are likely to leave without completing the transaction. Such hidden costs may be in the form of taxes or shipping charges. In order to increase the chances of actual purchase made, it is important that you are upfront about the all the costs involved. By incorporating transparency, you gain customer trust which eventually translates to better revenue for you. You may also devise various cost structures which enable you to offer ‘free shipping’ without hurting your margins. Taxes may also be bundled into the product prices so as to reduce the chances of unpleasant surprises at a later stage.
  3. Payment Issues: Payment related issues may manifest themselves in a variety of ways. First off, it is important that you offer a wide range of payment options. Some of the most prominent options are the ability to pay through debit cards, credit cards and internet banking. However, adding a couple of more options will greatly enhance the probability of the purchases reaching their final destination. Another major concern is regarding the security of the payment process. Since clients are required to provide sensitive information for making payments, it is important that they are assured of full security of such information. There are several certifications which prove that your website is secure. Having such authentication on your website increases your customer’s confidence and induces them to complete the process.
  4. Dubious Upselling Techniques: While it is desirable to provide an extra nudge to the client for increasing their order value or to induce them to add more products to their cart, aggressive upselling techniques may dissuade such clients. Some of the ways such intrusive techniques are used are through the pop-up ads or other such material. Instead of being helpful, such experiences may interrupt the purchase process, leading to the client abandoning their purchase. It is advisable that you do not use such measures and offer a smooth checkout process to your clients.
  5. Buggy Website: If your checkout process involves different pages and your website is slow to download then the client may feel frustrated through this experience. For solving this issue, you may want to consolidate your checkout process so that the clients do not have to wait for multiple pages to download. Further, the pages should also be optimized in such a manner that they are loaded quickly and do not lag. Slow processing may also impede checkout and payment process, prompting clients to walk away.

While getting the clients to your website is a difficult task, stimulating them to complete the purchase process is even more of a challenge. However, by carrying out a few simple tasks as listed above, you can ensure that your clients do not have to face undue hassle and that they eventually complete the process, adding to your top line. These steps will also help you in generating repeat sales.

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Your-Helpful-PCI-DSS-Audit-Checklist

In 2019, global retail sales grew by 3.4% from the previous year to hit $21 trillion. Global eCommerce accounted for 16.4% of total retail sales at $3.46 billion. Ecommerce sales continue to grow, thanks to globalization and the internet. 

This growth also comes with a few challenges, among which is payment card fraud. In 2018, payment card fraud amounted to $27.85 billion and was expected to hit $35.67 billion in the next five years.

If you intend to pursue the e-commerce route, you’ll need to consider a few things, one of which is the payment method. How many payment alternatives will you offer your customers? Are the payment methods secure?

Your customers will offer you their financial data on a silver plate; they expect that it’s secure and confidential. To guarantee this, you need to prove that you’re PCI-DSS compliant.

What is PCI-DSS?

This is a set of standards formulated by the PCI Security Standards Council. This council is made up of major credit card companies who joined forces to create security standards that protect credit card data.

As a merchant, your compliance guidelines are dictated by the number of annual transactions. Merchants are grouped into four levels:

  • Level 1

This covers merchants who handle over 6 million transactions every year or have experienced a data breach.

  •  Level 2

Merchants who handle 1-6 million transactions annually.

  •  Level 3

Merchants with less than a million transactions but more than 20,000 annual transactions.

  •  Level 4

Merchants with less than 20,000 annual transactions.

Each of these levels has different compliance requirements. The more the transactions you process every year, the tougher the compliance requirements become.

PCI DSS Compliance Checklist

PCI has six control objectives that constitute twelve compliance requirements. These requirements are not subject to merchant levels; thus, all merchants are required to adhere to the compliance requirements regardless of transaction volume.

These control objectives include:

  1. Secure Network and Systems

This control objective has two requirements:

  • Protect cardholder data by installing and maintaining a firewall

Firewalls are barriers that protect your network by preventing security threats from accessing or spreading through your network. Firewalls act as filters that determine whether information passing from one computer to another is safe or not.

  • Limit the use of vendor-supplied passwords

Every system comes with security parameters, among which are passwords. These passwords are often easy to hack; thus, you should change them before you deploy the systems. Ensure that you update system configurations and security measures as you identify new threats.

  1. Protect Cardholder Data

Cardholder data refers to personally identifiable information that’s associated with a credit or debit cardholder. According to PCI DSS, cardholder data includes PAN, which is the unique payment card number used to identify the cardholder’s account and the issuer. The standards require that merchants encrypt the transmission of cardholder data and protect stored cardholder data as stipulated in the guidelines.

  1. Implement vulnerability protection programs 

Create a program to help you identify weaknesses in your payment card infrastructure system. Hackers will exploit these vulnerabilities to access your cardholder which you can mitigate by:

  • Implementing measures to protect your systems against cyberattacks such as malware.
  • Maintain secure systems
  1. Access control measures

Limit access to cardholder data by vetting everyone who needs access to this data. This is achieved by:

  • Restricting access to cardholder data

Only authorized personnel should have access to this data. Limit the privileges of everyone to a need-to-know basis and deny all other access unless authorized.

  • Authenticate access

Employees that have access to cardholder data should be assigned unique identification. They will use these identifications to access the data, thus making it easy to track how data is handled. Do not use group IDs; every member with access needs unique identification.

  • Restrict physical access to the data

Your onsite systems are also vulnerable to attacks or internal leaks; thus, you need to put measures in place to limit physical access to cardholder data.

  1. Monitoring and testing networks

Monitor your physical and wireless networks to identify vulnerabilities that cybercriminals can exploit to gain unauthorized access to your systems and data. To prevent cybercriminals from exploiting these vulnerabilities, you are required to:

  • Thoroughly track, analyze, and monitor cardholder environments in search of weakness.
  • Frequently test your system components, processes, etc. to ensure that you maintain security over time. 
  1. Information security

Your business needs a strong security policy that details the responsibilities of your employees towards protecting cardholder data.

Conclusion

PCI compliance isn’t a guarantee that your systems and data are safe; hundreds of companies have experienced data breaches despite being PCI-DSS compliant. Achieving compliance is merely a baseline. You need to meet the requirements as stipulated by the governing body and implement extra measures that protect your systems from emerging threats. You can never be too sure when dealing with cybersecurity, going the extra mile helps prevent cyber attacks.

About the author

Jordan MacAvoy is the Vice President of Marketing at Reciprocity Labs and manages the company’s go-to-market strategy and execution. Prior to joining Reciprocity, Mr. MacAvoy served in executive roles at Fundbox, a Forbes Next Billion Dollar Company, and Intuit, via their acquisition of the SaaS marketing and communications solution, Demandforce.